Highlights In This Section
Are you saving enough?
Find out how much your lifestyle could cost when you retire and how to work out if your savings are on track.
Try it nowBeware of pension scams over the festive period
The hustle and bustle of Christmas and the busy festive period can provide perfect opportunity for fraudsters to do what they do best – part savers with their money.
For many, the festive season is usually filled with lots of social outings and spending. This grouped with the rising cost of living poses significant risks of being exposed to scammer attacks and potentially falling victim to one.
So, it is absolutely vital you stay alert throughout the Christmas period as scammers will use every opportunity they get to trick you into parting with your savings by promising early access to your pension.
Research from Pension Scams Industry Group 2021 shows that over 40,000 people have lost a total of over £10 billion in pension scams since 2015, but the figures are probably far higher. A lot of pension crime goes unreported as people don’t like to admit to being duped.
More shocking statistics were released earlier this year. The average loss to each pension scam victim now is around £75,000 while some individuals have lost millions.
Scammers are only getting smarter so you must stay vigilant.
So, how can you protect yourself? Here are a few ways to consider…
- Always reject emails, calls and messages which are out of the blue. Callers may claim they’re from government-backed bodies to trick you into giving them information. Government organisations will never phone or text you.
- Check who you’re dealing with. If it doesn’t feel right, it probably isn’t and it only takes a few minutes to check. It could cost you your savings if you don’t.
- Avoid ‘investment deals’, ‘free pension reviews’ and early access to your pension before age 55.
- Don’t fall for professional-looking websites or brochures.
- Never feel rushed into making a decision. Take your time to check things over, even if you miss out on a ‘great’ deal.
Anyone can fall victim to a scam. Scammers are often charming, make attractive offers and sound like they have your best interests at heart.
If you’re suspicious, here are three things you can do:
- Make sure your financial adviser is on the FCA approved register.
- Visit MoneyHelper.
- If you’re over 50, speak to PensionWise.
It’s a good idea to discuss your pension with a retirement adviser. Before you speak to one, make sure the person or organisation you are speaking to is approved with the Financial Conduct Authority (FCA).
To find a list of advisers visit https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/find-a-retirement-adviser
Matt Riley
Manager
Matt joined Zedra Governance Limited (formerly PTL) in January 2008 having previously worked for Mercer Limited, Hazell Carr and Prudential.
As a Manager for the company's Birmingham Office, Matt’s responsibilities include working closely with Client Directors and individually liaising with Employers, Trustees and Members to ensure the smooth running of their pension schemes. Matt’s current portfolio of clients covers ongoing, paid-up and winding-up schemes. In addition, Matt has experience of schemes that have transferred or are in the process of transferring to the Pension Protection Fund and Financial Assistance Scheme. Matt also works closely with clients in relation to risk registers and internal controls.
Matt particularly enjoys resolving issues in a fair and pragmatic way ensuring that the right result is reached for the member or employer.
Sam Burden
Client Director
Sam Burden joined Zedra Governance (formerly PTL) in 2022. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI)
Sam has more than 25 years’ experience in the pensions industry gained with WTW, KPMG, and Standard Life working with a wide range of pension schemes and sponsoring employers. His trustee appointments include DB, DC and hybrid pension schemes and he has experience of handling a broad range of projects relating to the management of pension schemes.
Beyond his pensions experience Sam is a former Birmingham City Councillor where he chaired the audit committee and a current charity trustee.
Payam Kazemian
Client Director
Payam Kazemian joined Zedra Governance Limited (formerly PTL Governance Limited) in 2021. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI).
Payam has more than 17 years of experience in the pensions industry. Through his current role as a professional trustee, as well as previously as a pension’s de-risking and investment structuring expert at financial institutions including Goldman Sachs and Deutsche Bank, he has had overall responsibility for creating investment, de-risking, journey planning, and governance solutions for a wide range of UK DB pension schemes. He currently holds a number of board positions (as Chair of Trustees) and sole trustee in his professional trustee capacity. Payam has been involved with a number of pensions projects including pensions buy-in, pensions buy-out, GMP equalisation, investment strategy reviews, and dialogue with the pensions regulator. Payam looks to create and believes in a collaborative relationship between the sponsor, the trustee, and all other parties involved as this results in best member outcomes and helps deliver pragmatic solutions for scheme. Aside from his pensions experience, Payam holds a Ph.D. in Materials Science from the University of Cambridge.
